People’s Quantitive Easing 303


The media is astonishing today in its barrage against Jeremy Corbyn. Presenters repeatedly state that to oppose nuclear weapons and foreign wars is “weak”, as though that were undeniable. Spending quantitive easing on public infrastructure is “inflationary” and “irresponsible” – and these are the presenters not the guests. Why simply handing quantitive easing money to the bankers is not inflationary or irresponsible is not explained.

I would claim to have got there on “people’s quantitive easing” before hearing that phrase. 42 months ago I published

It is beyond doubt true that the effect of creation of new money is to reduce the value of currency already in circulation. The effects will show through in inflation and the exchange rate. Of course, those will continue to be affected by other factors as well, which is why there are better and worse times to do it. But in effect Q.E. is still a transfer of wealth from those who hold any of the currency to those given the new stuff. In other words, more cash from you to the bankers.

Actually if QE had been used genuinely to stimulate the economy it would have been a marvellous thing. With £350 billion we could have built an enormous amount of social housing on brownfield sites, converted derelict high streets into housing, built the Severn barrage and a high speed rail link from London to Aberdeen and still have had change. We could have reopened the steel industry to do it. a thousand manufacturing firms could have been re-tooled. Millions could have been employed. The entire logic of economic depression could have been turned around.

Instead we gave more cash to the bankers.

Progressive opinion catches up with me eventually. In another decade or more likely two, mainstream journalists might catch up as well.


303 thoughts on “People’s Quantitive Easing

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  • Anon1

    “We console ourselves that, once all the facts are known, the erstwhile supporters of the Chávez-Maduro regime on your British left will recant and rush to dissociate themselves from the dystopia into which we have sunk. We are all looking forward to a statement from your own Jeremy Corbyn, whose “Venezuela gives every child a future” speech looks in urgent need of revision.”

    Ouch.

  • Anon1

    “I don’t understand how this anon character has not been banned.”

    Do you like banning views you don’t agree with Daniel?

  • Mark Golding

    Spendid insight Craig – I agree over the next six months we will witness a sustained attack on Jeremy Corbyn and his sociable or community Labour Party by the so called ‘masters of mankind’ or the one tenth of one percent elite who have abandoned any sentimental concerns for the welfare of the British working class, concentrating instead on short term gains and huge bonuses.

    Already we have read with extreme concern agent Cameron hissing “Labour are now a serious risk to our nation’s security, our economy’s security and your family’s security.”

    Collectively and with force we must educate ourselves and others and declare this extraordinary outburst as official rhetoric which must always be regarded with extreme scepticism. On economic security, Britain, our home, is in self-inflicted decline as a direct result, I believe, of the neo-liberal policies of my generation, that includes remarkable concentration of wealth, while wages have stagnated or declined, unemployment is high (to maintain worker insecurity) and our health and benefit systems eroded.

    This class based failure is by design and is the reason why corporate power has become so influential in our political system resulting in more of the same no matter who was in power. This in simple terms indicated the very rich got what they wanted while the rest of us were powerless to shape government policy no matter what we thought.

    When JC says he wants to print money, contrary to recent propaganda he is attempting to provide stimulus to reduce unemployment and at the same time retarding the decline of the social contract or dismantling our Benefit and National Health systems while our largest banks are saved because they are ‘too big to fail’ – a government insurance policy to the tune of £60 billion annual tax-payer gift to the rich and powerful.

    On national security the threat is a nuclear Israel first followed by America, this according to General Lee Butler who admits Israel is the ‘most dangerous country in the world’ refusing NPT membership and nuclear inspections. I know from military experience we have been close to nuclear war just from accidents – nuclear incidents unreported. Nuclear bombs are No-No because the success of a species is determined by the number of instances of it that survives inversely related to intelligence and to be honest our nominal 100,000 years as a species has timed out.

    http://www.truth-out.org/news/item/31479-general-lee-butler-to-nuclear-abolition-movement-don-t-give-up#14421814007571&action=collapse_widget&id=0&data=

  • lysias

    the US will knock Britain over like they’re doing to Venezuela.

    They already did it to Harold Wilson, didn’t they? And, in a more sinister way, to John Smith.

  • lysias

    Mark Golding, you speak of your military experience. As a retired U.S. naval officer, I can only agree with you.

  • John Goss

    “I don’t understand how this anon character has not been banned.”

    Hardly anybody takes any notice of what he says except the trolls.

    But his racism, for those who skim read for racism, appears to be getting worse.

  • RobG

    Earlier in this thread someone quite correctly pointed out that the UK national debt doubled under the last Con-Lib Dem government. I can’t now find the comment in question, which put the national debt in dollar terms.

    In UK terms, when the coalition government came to power in 2010 the United Kingdom Government was in the hock to the tune of around £685 billion. In 2015 the United Kingdom national debt is now more than £1.5 ‘trillion’, almost 90% of GDP:

    http://www.nationaldebtclocks.org/debtclock/unitedkingdom

    This is not the ‘deficit’ that’s so often talked about by politicians, as a means of obscuring the fact that Britain is totally bankrupt. A budget surplus and a budget deficit is the difference between the amount of revenue the government receives (which is almost entirely from taxation), set against the amount of money the government spends.

    This year, under the ‘fiscally responsible Tories’, the deficit has been much reduced, but they don’t tell you that the interest on the national debt is more than £41 billion per year; this on a debt that can never realistically be paid back (which is why they want war, to steal other people’s resources).

    The UK economy at the moment is a bit like a drunk tightrope walker, half way along the rope and getting foot cramps.

  • lysias

    A fiscal crisis — a shortage in foreign currency (Devisen) that could not cover Germany’s necessary expenditures for its expanding military establishment — is the reason why Nazi Germany turned to aggression in 1938 and later: first the annexation of Austria, then the Sudetenland, then the rest of Bohemia and Moravia, and finally World War Two, with the conquest first of Poland and then of the bulk of Western Europe. All of these brought Germany additional armaments and additional foreign currency, so that, after the fall of France, Germany’s fiscal problems were solved. For the time being.

  • Ishmael

    “Already we have read with extreme concern agent Cameron hissing “Labour are now a serious risk to our nation’s security, our economy’s security and your family’s security.”

    The book written on his usurped land is clearly an instruction manual to him. Over the Last 40 years of his policy’s living standards have remained flat, as they push forward with policy’s every other colonised country has suffered from immensely.

    I notice the same with that umma guy leaving, just vague negative remarks with no good backup. dutifully unquestioned by the press.

    I guess the hatred is expected from them, showing how they’ve become more. Guess the thing is to not bite, remain steadfast. Human nature is on our side. Truth, honesty, morality, justice….Evil is on our side also, of a sort…

    I’m sure they are not having any fun…It just makes me momentarily sad. How some can end up in that place. And they bring it on themselves. Absolutely no need. Seems a strange and not good upbringing the upper classes get, ours ain’t good but no thank you. Squandered opportunities we could’ve have all had better…

  • Ishmael

    Think it’s all the ritualistic emotional attachment to the state from a young age that does it.

  • glenn

    Anon1: “So there seems to be a concerted effort by Fedup, Glenn and others to label me as a racist, presumably because I don’t fit in with the far-left desire to see the country swamped with endless migrants from an unending source.

    If you’d paid any attention whatsoever, you’d notice my lack of enthusiasm for the swamping you refer to, which has (to various degrees) made me fall out of favour with those with whom you would have me associated.

  • fedup

    I doubt it. Even if so, the same message applies.

    John I like your charitable outlook on life, you are a decent bloke.

    This sort of conduct is part of the sick game these racist sort play, in either case they are angling for incitement of hatred. In fact it is an old (fell off my dinosaur kind) trick.

    You may have missed this;

    FBI says ‘Australian IS jihadist’ is actually a Jewish American troll named Joshua Ryne Goldberg

    Even more shocking is this “contribution” bu the same troll named Joshua Ryne Goldberg

  • John Spencer-Davis

    Fedup
    14/09/2015

    Well, all right. If I’m a mug, so be it. What’s it matter, as long as stuff like that doesn’t continue to get posted up here?

    Thanks,

    John

  • ------------·´`·.¸¸.¸¸.··.¸¸Node

    Anon1 : So there seems to be a concerted effort by Fedup, Glenn and others to label me as a racist

    Count me in too, you racist. For example :

    “Update from migrant paradise Germany:—–. Now that schools have been telling their female students to cover up in a bid to prevent ogling and pervy smartphone pics being taken by the young Muslim men in their vicinity, ——-“

    https://www.craigmurray.org.uk/archives/2015/09/peoples-quantitive-easing/comment-page-1/#comment-550319

  • fedup

    Well, all right. If I’m a mug, so be it. What’s it matter, as long as stuff like that doesn’t continue to get posted up here?

    John don’t twist my kind remark into some irksome denotation! I meant it! You are a decent bloke and a charitable man, hence your forgiving attitude that I liked!

    I am not given to being factious.

    I agree that sort of “contribution” should not appear on this blog or elsewhere. Early on there were quite nasty anti Jewish remarks such as “synagogue of Satan” etc. these ancient insults are far too old to be in use by anyone, yet it appears on this blog! Further it is attributed to a new moniker, these tactics are part of the keyboard warriors tool Chest.

  • glenn

    Just in case I wasn’t clear enough above, may I echo Node’s point. Anon1 – You are clearly racist scum, have demonstrated this affliction for many long months around here, and it hasn’t gone unnoticed. Your words and opinions are worth about as much as some skinhead with a NF tattoo on his forehead, so why don’t you just change your handle to anon-2, Skinhead-5, or whatever.

    Just save us the pissing and whining when you get called out on it, you miserable racist tosser.

    Own it. At least have the courage to do that – even as you post as “anon”.

  • John Spencer-Davis

    Fedup
    12:44am

    You misunderstand me. I was not suggesting that you were calling me a mug, and I appreciate your remarks very much.

    I was calling myself a mug, if it so happens that anon1 is for some weird reason posting sick insults to himself.

    Kind regards,

    John

  • Mary

    O/T Another establishment cover up.

    Bishop Ball sex charges caution ‘wrong’ admits CPS
    13 September 2015

    A retired bishop who has admitted sex offences against young men, should have faced charges 22 years ago, the Crown Prosecution Service (CPS) has admitted.

    The CPS said a caution given to Peter Ball in 1993 was wrong as there was sufficient evidence to prosecute.

    However, it said its approach to sexual abuse has changed and such a decision would not be made today.

    On Tuesday, Ball, 83, pleaded guilty to 18 charges of sex abuse involving men between the 1970s and 1990s.

    He also pleaded guilty to the offence of misconduct in public office between 1977 and 1992.

    Ball, now of Langport in Somerset, was Bishop of Lewes between 1977 and 1992 and Bishop of Gloucester from 1992 until his resignation the following year.

    /..
    http://www.bbc.co.uk/news/uk-england-34238259

  • giyane

    I re-visited my local mosque yesterday and was greeted with abuse from the imam.
    I’m not going to shut up about bad treatment by Muslims by being shouted down by Fedup.

    Many thousands of British Muslims have gone to Syria with the blessing of USUKIS to wage war against the Syrian people. 14 million of them are homeless. It is a war crime in which many UK Muslims are active participants, collaborating with the Zionist plan to carve out more colonial land and resources out of Syria.

    We now have Fedup screaming Islamophobia exactly as Zionists scream Anti-Semitism. I happen not to agree with the methods employed by Al Qaida in Iraq, shooting up the people in order to use their domestic dwellings as military buildings. Fedup has got a screw loose if he has been taken in by UK Muslim claims that this is jihad. It is a not. It is a political struggle between traditional law=abiding Islam as practised for centuries in Muslim countries and USUKIS’ Muslim Brotherhood.

    The Muslims will never subm to Muslim Brotherhood control. In Egypt when Muslim Brotherhood fixed the election to put in Mursi, millions of Muslims demonstrated against him. They would prefer a military dictator to political Islam. In Syria the ordinary Muslims have sent their families to refugee camps in order to concentrate on fighting Al Qaida and IS. They will never submit to bullying by these vicious traitors to Islam.

    I suspect that Fedup is one of those violent people who has been drawn to the Hollywood version of jihad presented by Islamic State. They are not all head choppers or handchoppers and traders in innocent women. My point to you Fedup is that Islamic State is not just the fantasy of Saudi Wahabis. It is populated by ordinary educated Muslims brought up in ordinary countries like our own and encouraged by ordinary country imams to join a USUKIS colonial project to bring the traditional Muslim s into colonial subjection.

    The thing these idiots are fighting for is not going to happen, even if Fedup defends them. We will not be told by US, UK, IS or Fedup how to practise our religion.

  • Resident Dissident

    Bevin not only are you creating a straw man – I think you have got the wrong straw man as well. I think you will find that in Syria, Afghanistan and Iraq the autocrats were doing pretty well in creating their own refugees even before any western intervention.

  • Resident Dissident

    Bevin of course may be suffering from the totalitarian mindset where there are only two possible position – those who agree with him and those who don’t, and the possibility of other views and even identities cannot be comprehended. I have been searching for a cure for this affliction for many years.

  • Resident Dissident

    Funny how Bevin makes no mention of Russian military intervention in Syria in favour of Assad.

  • Anon1

    @Node – facts are racist are they? And how does one commit a racist offence against Islam? What race do you assign to Islam for there to be a racist offence against it? White British like Giyane? Arab? Uyghur? You dozy twat.

    @Glenn – racist, skinhead, NF tattoo? Just fuck off.

  • N_

    Shitface Doughnut-Dweller the Hasbaranik Arsewipe says

    N_
    “And that if the ‘queen’, advised by Cameron,..etc.etc..”

    It may be – I neither know nor care – that you are a ‘queen’ but I can assure you that the person you refer to in your post as the ‘queen’ is really The Queen.

    Hope that clarifies.

    Legitimist swine!

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